Small businesses make up more than 75% of our membership. By working with small businesses, we recognize that each one has its own unique needs and challenges. Through our various programs, the Chamber can assist entrepreneurs seeking to start their new venture or businesses looking to expand.
The Chamber understands the importance of developing an entrepreneurial culture in our region. In order to be successful, small businesses must be nurtured to help them survive and grow during the vulnerable start-up phase.
Business Incubator programs are designed to accelerate the growth and success of entrepreneurial companies through an array of resources and services that include physical space, capital, coaching, common services, and networking connections.
The Chamber manages two business incubators in northeastern Pennsylvania. They include:
Scranton Enterprise Center: The Scranton Enterprise Center is located at 201 Lackawanna Avenue in Scranton, Pennsylvania. The facility is approximately 12,000 square feet and can house a total of 17 tenants.
The TekRidge Center: The TekRidge Center is located at 50 Alberigi Drive, Jessup, Pennsylvania. The facility is approximately 10,000 square feet and can house a total of 8 tenants.
Financing fuels business growth. Whether you’re a business looking to expand or relocating to northeastern Pennsylvania, the Chamber has access to numerous financing programs and loans.
MetroAction, the Chamber’s small business affiliate, specializes in providing term loans to start-up and expanding businesses. The loan programs offer flexible requirements as it pertains to credit, collateral requirements and credit scores. In addition, MetroAction can partner with a local bank or lending institution to provide a complete loan package.
Terms: Up to 6 years. No prepayment penalty.
Interest Rates: Fixed for the term of the loan.
Loan Use: Working or start-up capital, to purchase or upgrade equipment, renovations, etc.
The Pennsylvania Industrial Development Authority (PIDA) Loan Program provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs and for the development of industrial parks and multi-tenant facilities.
Amount: The PIDA program finances a portion of the total project cost. The maximum loan amount is $2.25 million based on eligible project costs and location.
Terms: Up to 15 years for land and building acquisitions and construction/renovation projects; up to 10 years for machinery and equipment; or up to one year for working capital and accounts receivable lines of credit (can be renewed).
Interest Rate: Fixed for the term of the loan.
Eligible Uses: Land and building costs, machinery and equipment, working capital lines of credit, accounts receivable lines of credit.
The Pennsylvania Economic Development Financing Authority (PEDFA) Loan Program provides taxable bonds that may be used to finance land, building, equipment, working capital and refinancing projects.
Amount: Loans start at $400,000 and can finance 100% of the project cost.
Terms: Terms vary depending on project scope.
Interest Rate: Weekly variable or fixed for the term of the loan.
Eligible Uses: Land and building costs, building renovation and new construction, machinery and equipment acquisition and installation, designated infrastructure, refinancing and working capital.
For additional information, please call The Chamber at 570-342-7711.
Through the Chamber’s partnerships with state and local governments, companies within Greater Scranton are prospering in our pro-business environment. Our economic development team can serve as your community partner, assisting you in all aspects of your site selection process.
The Scranton Plan will serve as your single-point-of-contact for all site selection and development needs. Whether you require assistance in crafting a financial incentive package, engineering and infrastructure design or permits and approvals, the Scranton Plan will be your community partner starting from your initial contact through your operations commencement.
Contact the Scranton Plan at 570-342-7711.